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Tiger Brands Limited Interim Results Presentation March 2014

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Tiger Brands Limited Interim Results Presentation March 2014 www.tigerbrands.com TIGER BRANDS LIMITED RESULTS PRESENTATION TO INVESTORS for the six months ended 31 March 2014 2 Agenda Business Strategic Review Financial Analysis Performance Nigeria Business Business Business Performance Performance Performance Grains Consumer Brands International Outlook www.tigerbrands.com Strategic Review Peter Matlare Chief Executive Officer 4 Group Nigeria Grains Consumer Brands Exports and International OVERVIEW • South African trading conditions remain tough – Household income significantly constrained – Highly competitive retail environment as retail sales slow – Escalation in raw material, labour and input costs • Pleasing performance in Grains, TBI and Exports businesses • Strategic pricing objective achieved in driving volume growth in Groceries • Dangote Flour Mills – Goodwill and intangibles impaired to reflect current underperformance of the business – Nigerian market remains attractive – Challenging trading conditions persist • Over-capacity in the sector fuels aggressive competitor activity • Impact of security concerns in northern Nigeria – Much work still to be done in DFM – Urgent action being taken to improve performance • UAC Foods continues perform satisfactorily • On track with strategies to build a sustainable platform – Investment in people and brands to maintain market leadership 5 Group Nigeria Grains Consumer Brands Exports and International GLOBAL ECONOMY RECOVERING SLOWLY BUT SUB-SAHARAN AFRICA GROWTH PROSPECTS ENCOURAGING Y-o-Y % change 2012 2013 2014 2015 Global Economic Growth • The IMF revised its outlook for global GDP Global 3.1 3.0 3.7 3.9 growth upwards to 3.7% for 2014 on the back of muted recovery in advanced economies Advanced markets 1.4 1.3 2.2 2.3 • Global recovery is expected to be gradual Emerging markets 4.9 4.7 5.1 5.4 and uneven SS-Africa 4.8 5.1 6.1 5.8 • Emerging market economies have faltered, experiencing financial volatility and domestic South Africa 2.5 1.9 2.3 3.0 structural weakness • Growth in Sub-Saharan Africa is forecast to remain robust and accelerate in 2014 Y-o-y % change 2013 2014 2015 • South African economy is expected to decelerate due to: Kenya 5.6 6.3 6.3 – Tense industrial relations in the Nigeria 6.3 7.1 7.0 mining sector Ethiopia 9.7 7.5 7.5 – Low private investment Cameroon 4.6 4.8 5.1 – Weak consumer and investor confidence Source: IMF, World Economic Outlook, January and April 2014 6 Group Nigeria Grains Consumer Brands Exports and International MARKET TRENDS SHOW SLOW RECOVERY FOR CATEGORIES IN WHICH TIGER BRANDS PARTICIPATES Total South Africa Market recovery slow Category Volume and Value Growth Trends • Last 12 months’ category volumes recover 8,0 relative to previous year 7,2 6,9 7,0 • H1 2014 recorded a volume growth of 1% 6,2 6,0 5,0 4,0 3,0 2,0 1,5 1,0 1,1 1,0 0,0 Mat LY vs Mat TY H1 Curr vs H1 YA 3mm Curr vs Prev Category Value Growth Category Volume Growth Source: Nielsen March 2014 7 Group Nigeria Grains Consumer Brands Exports and International STRATEGIC FOCUS AND BUSINESS MODEL II. International expansion Geographic and new category expansion Reignite Topline and regain Operating market Leverage People & share III. Investment in brand people and brands investment I. Focus on domestic businesses and Innovation Optimise efficiencies and deliver cost savings Profitable growth and cash flow 8 Group Nigeria Grains Consumer Brands Exports and International STRATEGIC THRUSTS – DOMESTIC BUSINESSES • Tiger Brands’ domestic businesses currently contribute 75% to group revenues and 91% to group EBIT, therefore continued health and sustainability is paramount • Domestic businesses also underpin Tiger Brands’ international expansion plans Contribution to Tiger Brands TBI & Exports 15% (EBIT: 20%) Domestic Nigeria Businesses 10% (EBIT: -11%) 75% (EBIT: 91%) 9 Group Nigeria Grains Consumer Brands Exports and International CONTEXT FOR PERFORMANCE • Slow down in consumer spending in 2013 8 Real GDP growth continued into 2014 due to inflationary 6 increases in food prices, fuel and energy costs 4 • Above CPI inflationary increases in producer 2 price inflation, exacerbated by rand weakness % change 0 • Weak business confidence weighs on formal YoY employment growth -2 • Consumers continue to adjust their -4 2001-Q1 2003-Q2 2005-Q3 2007-Q4 2010-Q1 2012-Q2 2014-Q3 consumption habits – Favouring lower priced products Y-o-Y % change 2012 2013 2014 2015 – Forgoing purchases of discretionary items Durable goods 11.0 7.9 4.1 3.0 Semi-durable goods 6.2 6.7 4.9 4.8 Non-durable goods 2.5 2.2 1.7 2.6 Services 1.8 0.3 2.0 3.5 Total FCE – 3.5 2.6 2.5 3.3 Volume growth Source: Investec, April and May 2014 10 Group Nigeria Grains Consumer Brands Exports and International DOMESTIC PERFORMANCE CHARACTERISED BY CONSUMER SEARCH FOR VALUE • Consumer buying behaviour driven by focus on “value” – Addressed in the domestic business through pricing restraint – Intensified customer activity – Discretionary category pressures • Operational consolidation and efficiency gains – Manufacturing consolidation – Real procurement gains – Leverage supplier relations • Sustained investment in key enablers – Capital projects – Investment in people – diversification of skills – Focus on innovation and brand strength 11 Group Nigeria Grains Consumer Brands Exports and International TIGER BRANDS CONTINUES TO RETAIN LEADING POSITION IN MOST OF ITS CATEGORIES March 2014 Position Insecticides 1 We understand and continue to invest Homecare Sanitary cleaners 2 in brands Air Care 3 Face Care 3 • All Gold Tomato Sauce maintained market Hand & Body 3 Personal care Hair Care 3 leadership for over seventy years Hair Styling Preps 1 Deodorants 6 • Albany has held a leading position in the bread Tomato sauce 1 Canned Tomato products 1 market for more than ten years Baked Beans 1 Culinary Canned Vegetables 1 • Koo voted as one of South Africa’s most loved Jam 1 brands (ahead of Coca-Cola) in the Sunday Peanut Butter 1 Mayonnaise/salad cream 1 Times National survey 2013 Rice 1 Bread 1 Grains • Tastic has been market leader for over fifty RTE Cereals 3 Hot Cereals 1 years; voted as the No.1 brand in the Essential Pasta 1 Foods Category for the last twelve years Baby Care 2 Baby Baby Food 1 Baby Cereal 1 Countlines 3 Slabs 3 Confectionery Sugar sweets 1 Boxed Assortments 1 CPM Chilled Processed Meats 1 Sports Drinks 2 Beverages Liquid Concentrates 1 Source: Nielsen March 2014 12 Group Nigeria Grains Consumer Brands Exports and International STRATEGIC THRUSTS – INTERNATIONAL EXPANSION • Strategic intent – Tiger Brands will continue to expand internationally – Nigeria remains important to Tiger Brands and priority is to fix and grow our existing businesses – We will continue to evaluate opportunities as they present themselves • Dangote Flour Mills – Goodwill and intangibles impaired in full • Underestimated challenges of operating in Nigeria • New industry surplus capacity came on stream as we entered the market • Increased wheat levy compounded margin compression • Paid strategic premium for the business to achieve immediate scale in Nigeria – Management changes made to strengthen the team • Seamless integration between SA Grains Business and DFM – Aggressive thrust to fix the cost base and grow topline 13 Group Nigeria Grains Consumer Brands Exports and International AFRICA AND GLOBAL EXPORTS – THE SUCCESS STORY CONTINUES …. • Tiger Brands International and Exports – Excellent performance driven by strong topline growth – Chococam (Cameroon) – exceptional performance and growing export potential – Haco (Kenya) – strong export growth and pleasing stationery sales – EATBI (Ethiopia) – continued good progress – Davita – building brand equity in neighbouring countries – Exports – entrenching core brands in southern Africa – Langeberg & Ashton Foods – pleasing performance 14 Group Nigeria Grains Consumer Brands Exports and International ANALYSIS OF TURNOVER GROWTH FOR THE SIX MONTH PERIOD ENDED 31 MARCH 2014 R 15,0 Volume Billions 11% Turnover growth 4% R 14,5 Forex 3% R 14,0 Pricing 4% R14.9bn R 13,5 R 13,0 R 13.4 bn R 12,5 R 12,0 March 2013 Turnover Pricing Forex Total Volume March 2014 Turnover 15 Group Nigeria Grains Consumer Brands Exports and International EARNINGS PER SHARE – CONTINUING OPERATIONS 16 Group Nigeria Grains Consumer Brands Exports and International HEPS (CENTS) – CONTINUING OPERATIONS FOR THE SIX MONTHS ENDED 870 860 856 850 840 830 820 810 802 800 790 780 770 Mar-13 Mar-14 17 Group Nigeria Grains Consumer Brands Exports and International TOTAL DISTRIBUTION CENTS PER SHARE FOR THE SIX MONTHS ENDED 31 MARCH 335 330 329 325 320 315 310 310 305 300 Mar-13 Mar-14 www.tigerbrands.com Financial Analysis Funke Ighodaro Chief Financial Officer 19 Group Nigeria Grains Consumer Brands Exports and International INCOME STATEMENT FOR THE SIX MONTH PERIOD ENDED 31 MARCH EXCLUDING DFM IMPAIRMENT % Rm 2014 2013 Change Turnover 14 926.9 13 443.2 11% Operating income before IFRS 2 charges 1 711.2 1 663.5 3% IFRS 2 Charges 3.1 (93.8) - Operating income 1 714.3 1 569.7 9% Operating margin (%) – After IFRS 2 11.5% 11.7% Income from investments 1.2 9.9 (88%) Net financing cost (206.3) (176.2) (17%) Income from Associates 265.9 255.2 4% Income tax expense (430.1) (407.7) (5%) Income after tax before abnormal items 1 345.0 1 250.9 8% Abnormal items - after tax 4.6 5.5 (16%) Non-Controlling interests 54.1 32.4 67% Profit from continuing operations 1 403.7 1 288.8 9% Discontinued Operation 29.9 30.3 (1%) Profit from total operations 1 433.6 1 319.1 9% EPS (cents) - continuing operations
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